Colby College Just Doubled Its Debt Load

So much for Yankee frugality.

Maine’s Colby College, founded in 1813, doubled its debt load last month by borrowing about $101 million for athletics, performing arts and other upgrades on its campus in Waterville. The plans reflect the ambitions of David Greene, the school’s president since last year, who’s seeking to boost applications and improve its standing in national rankings.